Tailored Brands Profits Rise 30 Percent in Third Quarter

The picture is brightening for Tailored Brands Inc.
On Wednesday, the men’s wear retailer reported that net profits in the third quarter ended Oct. 28 increased 30 percent to $36.9 million, or 75 cents a diluted share, from $28.4 million, or 58 cents, a year earlier.
Earnings per share came in 21 cents ahead of the 54 cents analysts projected and helped push shares of the company up 12 percent, to $19.26, in after-hours trading Wednesday.
Sales for the three months ended Oct. 28 fell 4.3 percent to $810.8 million from $846.9 million.
“While we still have more work to do, we are pleased with the progress in our business in the third quarter,” said Doug Ewert, chief executive officer. “We posted positive comparable sales at Jos. A. Bank and sequential comparable-sales improvement at Men’s Wearhouse and K&G, resulting in our second consecutive quarter of positive comparable sales for our retail segment.”
In the period, comparable-store sales at Jos. A. Bank increased 4.9 percent. Comps at the Men’s Wearhouse division fell 1 percent, Moores in Canada was down 2.6 percent and K&G was down 0.6 percent, he said. But on a late-afternoon earnings call with analysts, Ewert said both Men’s Wearhouse and Jos. A. Bank are